MUSEX vs. SCHA

Last updated Jun 24, 2026

MUSEX (MFS Blended Research Core Equity Fund) and SCHA (Schwab U.S. Small-Cap ETF) are both funds - MUSEX is a Large Cap Blend Equities fund managed by MFS, while SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index. Over the past 10 years, MUSEX returned 14.80%/yr vs 11.72%/yr for SCHA. Their correlation of 0.85 suggests significant overlap in exposure. MUSEX charges 0.49%/yr vs 0.04%/yr for SCHA.

Performance

MUSEX vs. SCHA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Blended Research Core Equity Fund (MUSEX) and Schwab U.S. Small-Cap ETF (SCHA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUSEX achieves a 9.45% return, which is significantly lower than SCHA's 22.53% return. Over the past 10 years, MUSEX has outperformed SCHA with an annualized return of 14.80%, while SCHA has yielded a comparatively lower 11.72% annualized return.

MUSEX

• 1D: -0.42%
• 1M: 0.47%
• YTD: 9.45%
• 6M: 8.35%
• 1Y: 23.62%
• 3Y*: 21.33%
• 5Y*: 13.89%
• 10Y*: 14.80%

SCHA

• 1D: -1.72%
• 1M: 4.56%
• YTD: 22.53%
• 6M: 20.00%
• 1Y: 41.81%
• 3Y*: 19.85%
• 5Y*: 7.30%
• 10Y*: 11.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUSEX vs. SCHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUSEX MFS Blended Research Core Equity Fund	9.45%	16.10%	25.17%	28.30%	-16.02%	29.24%	15.47%	28.80%	-7.82%	18.95%
SCHA Schwab U.S. Small-Cap ETF	22.53%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%

Correlation

The correlation between MUSEX and SCHA is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.85

The correlation between MUSEX and SCHA has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

MUSEX vs. SCHA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MUSEX

MUSEX Risk / Return Rank: 57
MUSEX Sharpe Ratio Rank: 52
MUSEX Sortino Ratio Rank: 49
MUSEX Omega Ratio Rank: 50
MUSEX Calmar Ratio Rank: 63
MUSEX Martin Ratio Rank: 69

SCHA

SCHA Risk / Return Rank: 75
SCHA Sharpe Ratio Rank: 73
SCHA Sortino Ratio Rank: 72
SCHA Omega Ratio Rank: 64
SCHA Calmar Ratio Rank: 84
SCHA Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MUSEX vs. SCHA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Blended Research Core Equity Fund (MUSEX) and Schwab U.S. Small-Cap ETF (SCHA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MUSEX	SCHA	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.24	-0.27
Sortino ratio: Return per unit of downside risk	2.71	3.11	-0.40
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	2.90	4.42	-1.52
Martin ratio: Return relative to average drawdown	12.54	16.18	-3.63

MUSEX vs. SCHA - Sharpe Ratio Comparison

The current MUSEX Sharpe Ratio is 1.97, which is comparable to the SCHA Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of MUSEX and SCHA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MUSEX vs. SCHA - Drawdown Comparison

The maximum MUSEX drawdown since its inception was -54.78%, which is greater than SCHA's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for MUSEX and SCHA.

Drawdown Indicators

	MUSEX	SCHA	Difference
Max Drawdown Largest peak-to-trough decline	-54.78%	-42.41%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-9.50%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-27.29%	+8.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.87%	-30.79%	+8.92%
Max Drawdown (10Y) Largest decline over 10 years	-34.60%	-42.41%	+7.81%
Current Drawdown Current decline from peak	-1.38%	-1.72%	+0.34%
Average Drawdown Average peak-to-trough decline	-10.58%	-7.56%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.59%	-0.61%

Volatility

MUSEX vs. SCHA - Volatility Comparison

The current volatility for MFS Blended Research Core Equity Fund (MUSEX) is 4.43%, while Schwab U.S. Small-Cap ETF (SCHA) has a volatility of 6.71%. This indicates that MUSEX experiences smaller price fluctuations and is considered to be less risky than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUSEX	SCHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	6.71%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	13.92%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	18.77%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	22.05%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	22.75%	-4.39%

MUSEX vs. SCHA - Expense Ratio Comparison

MUSEX has a 0.49% expense ratio, which is higher than SCHA's 0.04% expense ratio.

Dividends

MUSEX vs. SCHA - Dividend Comparison

MUSEX's dividend yield for the trailing twelve months is around 6.54%, more than SCHA's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUSEX MFS Blended Research Core Equity Fund	6.54%	7.15%	10.44%	3.91%	9.26%	16.18%	7.12%	5.19%	11.98%	2.04%	1.20%	3.32%
SCHA Schwab U.S. Small-Cap ETF	0.98%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%

Frequently Asked Questions

Can I hold both MUSEX and SCHA in my portfolio?

MUSEX and SCHA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSEX or SCHA?

SCHA has higher volatility (6.71%) compared to MUSEX (4.43%). In terms of maximum drawdown, MUSEX dropped -54.78% vs SCHA's -42.41%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.24 vs 1.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.